Oil on a 25mth cyclical bull run. Update 7 - market uncertainty (Europe), China/US Trade War

In my opinion the current oil price is reflective of the uncertainty n the Europe Union, the Euro and the massive problems around the PIIGS (Portugal, Ireland, Italy, Greece and Spain) which should also include the UK. These are fiscal problems attributed by large deficits and the possibility of defaults or partial defaults on sovereign debt.

Also contributing to upward trend on the oil price is the looming trade war (a three way) with China and possibly Brazil/South America against the US. Which is also a precursor for the oil price to incline. Enough shots have been fired, note Obama tariffs on imported Chinese tires, China steadfast on a devalued Yuan and Brazil with it's applying for intellectually property rights on imported US cotton.

Oil is trading in a range now, with some volume declines and a divergence with the OBV indicator, if we see risk aversion rise from both the EU and the China/US trade/currency disputes oil should break out on the topside. Range 80-85, finding support at 80